SORP Compliance Checklist 2019
The Charity Finance Sorp Compliance Checklist is a comprehensive working document that crystallises essential reporting responsibilities for the busy charity practitioner or adviser.
The Charity Finance SORP Compliance Checklist is a comprehensive working document that crystallises essential reporting responsibilities for the busy charity practitioner or adviser. It has been designed specifically for use by all charities preparing accruals based accounts.
This checklist version is based on the revised Statement of Recommended Practice for charities, SORP 2015. As such it is based on FRS 102
and relevant Charities Act and Companies Act requirements. SORP 2015 is applicable for all accounting periods starting 1 January 2015. This guidance also takes account of changes to the SORP introduced by SORP Update Bulletin 1, which is applicable for reporting periods beginning on or after 1 January 2016.
SORP Update Bulletin 2 was issued in October 2018. This sets out amendments to SORP 2015 in light of the Financial Reporting Council’s Triennial Review 2017. The effective date for these amendments is accounting periods starting on or after 1 January 2019, however early adoption is permitted as long as all amendments are applied at the same time. Where Update Bulletin 2 diverges from previous practice, both options are given in part 1 of the checklist, while the amendments are also collected together in section 20.
FRS 102 and therefore the SORP principally apply to material items, and preparers of accounts should have materiality in mind as they prepare their accounts. For the purposes of “cutting clutter”, disclosures should be omitted if they are immaterial to the accounts. In applying materiality, users should consider the qualitative aspects of materiality as well as the size of the amount concerned.
